The Budget and Executive Committees of the Board of Trustees approved measures that would expand the University’s debt limits and secure funding for Pitt’s ongoing construction projects.
In a meeting on Oct. 31, the full committees approved Pitt’s Fiscal Year 2020 Capital Budget, totaling $641 million. Nearly $400 million in taxable bonds will go to build a new recreation center on O’Hara Street, do renovations and new construction at Scaife Hall and a build a new chilled water plant.
Other funds will go to School of Medicine programs.
The other resolution passed expanded the PANTHERS (Pitt Asset Notes — Tax-Exempt Higher Education Registered Series) tax-exempt bonds program debt limit from $120 million to $600 million with maturity time increasing from eight to 15 years.
The full board will meet again for the winter meeting on Feb. 28, 2020.
— Donovan Harrell